Amazon creates $6M fund for publishing on Kindles

Independent publishers and authors could be wooed by funding share for Kindle library

Independent authors that want to feel some Kindle love have a new opportunity for virtual publishing since Amazon announced a $6 million fund dedicated to help writers get their content out to tablet readers.The new option is called KDP Select and it is focused on getting more unique content to be exclusive on Kindle.

How it works: if someone registers as a KDP author or publisher and chooses to make any of their books exclusive to the Kindle Store for at least 90 days, those books become eligible to be a part of the Kindle Owners' Lending Library and can earn a share (percentage) of the $6 million fund.

Authors and publishers can enroll a single book, a few pieces or their entire catalog.

The monthly fund for December 2011 is $500,000. KDP Select launches immediately. Monthly royalty payments made are based upon the share of burrows the author or publisher received in relation to the whole library.

Amazon is setting the 2012 fund to be at least $6 million, in addition to the already allotted $500,000 for December 2011.

When signed up for KDP Select, authors and publishers will gain access to several promotional tools, including a feature that allows one to promote an enrolled title for free for up to five days every 90 days.

"By choosing KDP Select, independent authors and publishers have an opportunity to make money in a whole new way and reach the growing audience of Amazon Prime members," Russ Grandinetti, vice president of Kindle Content said in a statement. "A short 90-day commitment allows authors and publishers to experiment at very low risk. In addition, free promotions are a new tool for KDP Select authors, and we hope to add more such tools over time."

Kindle tablets are in a competitive market against Barnes&Noble, Apple and every other electronic company poising for more touch-screen devices. HP and Blackberry have hung their heads after recent tablet releases flopped and the iPad continues to take off, even with expectations of an iPad 3 in the near future. Amazon has hopes that offering independant publishers and authors exclusivley on its tablets will help give the company an additional advatage in the market.

Amazon has already made several good moves in the tablet market. The new Kindle Fire, a seven-inch tablet priced at $200, has shown a promising start this holiday season with estimates it will sell five million over the holiday season.

"I chose to participate in KDP Select because it's an innovative way to get my eBooks in the hands of readers who are new to my work," Patricia Ryan, best-selling historical mystery and romance writer, explained on the KDP site. "If they like what they read, they'll most likely put me on their to-buy list, and maybe even recommend me to their friends."